Over the past four months, we’ve been keeping a list of major lenders sending out home equity line freeze letters. To date, an estimated 400,000 HELOC freeze notices have been sent and we receive information about new line freezes almost weekly. Here’s the latest update. Lenders Freezing Home Equity Lines of Credit Countrywide (recently froze [...] [...more]
Several borrowers are reporting that Washington Mutual (WaMu) is still sending out HELOC freeze and reduction notices. A Los Angeles Times blog gives this account: “Last week a Realtor in San Diego wrote, ‘Just after I made a large payment of $10K (only $350 payment was due), they took away all of my credit line. [...] [...more]
According to the Wall Street Journal, home equity rates have been falling steadily for the past 6 months and may fall further based on yesterday’s federal rate cuts: Rates on home-equity lines of credit have dropped to 6.27% from 8.25% since September of last year, according to Bankrate.com. Partly as a result, the amount that [...] [...more]
Some borrowers mistakenly believe that federal rate cuts have a direct affect on their HELOC interest payments. In reality, federal rate cuts are a move by the government meant to promote economic stimulus. These federal cuts may act as an incentive for banks to lower their own interest rates, but this is not always the [...] [...more]
Under the federal Truth in Lending Act, a HELOC consumer is granted certain rights. Most importantly, you have the right to be given information about your HELOC before agreeing to the loan or paying any fees. You also have the right to cancel your home equity line of credit within a specified time frame. This [...] [...more]
There are several Washington Mutual HELOC loans available. Use this article to learn about WaMu HELOC options and terms. Washington Mutual HELOC Basics Lender Type : major bank Website : www.wamu.com/personal/loans/home_equity Phone Number: 877-551-2740 Washington Mutual HELOC Programs The general WaMu HELOC offers a draw period of 10, 20, or 30 years. WaMu offers a [...] [...more]
Are you interested in taking out a Countrywide HELOC loan? This article will walk you through the HELOC products Countrywide has available and keep you informed of important updates. Countrywide HELOC Basics Lender Type : major bank Website : www.countrywide.com/equity Phone Number: 1-800-763-1054 Countrywide HELOC Loan Programs There are several options available to Countrywide HELOC [...] [...more]
Earlier today the Federal Reserve noted that American home equity has fallen below 50% (the lowest it’s been since 1945). As a whole, homeowners owe more on their homes than they have paid off. Many news outlets have picked up the story, some indicating that the new statistic is a result of a declining economy. [...] [...more]
Some financial experts are advising HELOC customers to withdraw funds from their credit lines now, in case the HELOC freeze continues to spread. Over 100,000 borrowers have already been notified that their HELOC has been frozen or canceled – some speculate that the freeze notices will continue as the national real estate market declines. The [...] [...more]
Over 100,000 HELOC borrowers have received notice that their line of credit is now frozen or canceled. Lenders are increasingly wary of offering high HELOC credit limits in the declining market. However, it is still possible to take out a HELOC if you meet more stringent qualifications. How to Qualify: In order to qualify for [...] [...more]
